payments
Registered User
Joined: Jan 2003
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From: Nigeria
Originally posted by Shahrum
I'm 18 and my stepdad cosigned my loan. $500 down payment on a $30,100 (w/ taxes, etc.) 2003 Touring (15k miles, loaded w/ DVD, etc), and I pay $550 a month that includes gap insurance and lojack and that's a 72 month loan. Sure it's longer, but hopefully I'll refinance before then.
I'm 18 and my stepdad cosigned my loan. $500 down payment on a $30,100 (w/ taxes, etc.) 2003 Touring (15k miles, loaded w/ DVD, etc), and I pay $550 a month that includes gap insurance and lojack and that's a 72 month loan. Sure it's longer, but hopefully I'll refinance before then.
EDIT: I guess it's not that bad since you have a 72mos term.
Last edited by spextar; Oct 29, 2004 at 07:25 PM.
Registered User
Joined: Jul 2003
Posts: 3,407
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From: Allen, TX
Originally posted by DavesZ#3
He'd probably have an orgasm right there if you told him what you wanted the payments to be. That is the biggest mistake you can make when buying a car (looking at the monthly payment). If you try to get the payments to a certain number, the dealer can adjust the rates, # of payments, etc. to get that amount, usually to his advantage not yours.
He'd probably have an orgasm right there if you told him what you wanted the payments to be. That is the biggest mistake you can make when buying a car (looking at the monthly payment). If you try to get the payments to a certain number, the dealer can adjust the rates, # of payments, etc. to get that amount, usually to his advantage not yours.
This went on for two more times, then of the 3rd dad said, "0, just give me the car for nothing." The guy looked at us funny we got our keys back, (they love taken your "trade-in" car keys so they can hold you there like a prisoner) and left.
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Joined: Jul 2003
Posts: 3,407
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From: Allen, TX
Originally posted by spextar
===Word of Advice===
When the finance guy comes back to you and says you qualify for 3.99% or 5million%, what do you say and what do you think?
Most people think that the dealer just gets the rate from the bank and let's you know. NO, THAT'S NOT THE CASE. Just like LoJack, Gap Insurnace and VIN Etching, Financing is a product they sell too. Bank pays them money (commission) for every point (%) over the actual rate bank had agreed to based on your credit.
So, next time when the finance guy tells the APR, DO negotiate, just like you negotitated your car price.
===Word of Advice===
When the finance guy comes back to you and says you qualify for 3.99% or 5million%, what do you say and what do you think?
Most people think that the dealer just gets the rate from the bank and let's you know. NO, THAT'S NOT THE CASE. Just like LoJack, Gap Insurnace and VIN Etching, Financing is a product they sell too. Bank pays them money (commission) for every point (%) over the actual rate bank had agreed to based on your credit.
So, next time when the finance guy tells the APR, DO negotiate, just like you negotitated your car price.
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Joined: Oct 2004
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From: Northern Virginia
My stepdad actually came over from England about 2 years ago and is now 52. Although his rating was perfect over there, as soon as you come into the U.S. as a new citizen, you're like a ghost again.
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Joined: Jan 2003
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From: Nigeria
Anyone in the market to buy a NEW car, please do the following:
1: Get the invoice price+destination for you car with all the option (they have invoice price and MSRP even for optional equipments). Use this number as a reference. Depending on the car make and model, staying closer to invoice price generally a good deal.
2. Some dealers will say they will sell the vehicle for invoice and then make up their own invoice price. **** them. They will try to say that these internet sites (MSN Carpoint, KBB, Edmunds) don't get the prices from the right sources, again **** Them. There is only ONE MSRP and Invoice price set by manufacturer for each model year.
3. Ask the dealer to give you their best price (w/ all option you want) BEFORE any manufacturer's rebate/promo.
4. Once you agree to a negotiated price, this is how much you are going to pay for the car. You can pay it cash, finance it, use the manufacturer's rebate/promo and trade in to reduce the cost.
5. Subtract any rebate, trade-in value from the agreed car price.
6. Remember, a dealer can't charge you sales tax prior to take cash down/rebate off the price. For example, if your agreed car price is $25000 and you are trading in a vehicle worth $4000 + $2000 down, + $1000 rebate, they should subtract $7000 FIRST and then apply sales tax, not sales tax first and then apply the deductions. In this example, you could save $525 @7.5% tax if it's done the right way.
P.S. Some states allow dealers to apply tax on trade-in value.
6a. Dealer will try to tell you that you need to pay advertisement fee and Holdback. On the holdback, **** Them, DO NOT PAY. Advertisement, well some dealers might be tough to deal with, try to reduce the fee.
7. Call your DMV with your car information to find out exactly how much it'd cost the dealer to do registration/tax/title. DMV doesn't need to know your optional equipment, just the make/model/trim/year. They will give you a 'down to the cent' cost. Tell your dealer you won't pay a penny more than that since some delaers will pad the cost. Some may charge a documentataion fee - negotiate as necessary.
8. Delaer will try to add various services like extended warranty, blah blah blah.. again be smart and negotiate if you want them.
9. So, once you get the exact amount after all rebate/trade-in/cash down/tax/title/registration/dealer added services, you should ask them to give you the cost down to the penny. This is the amount you will need to finance.
10. Now if you are going to finance through the delaer (i.e., the bank), don't take their word for the APR you got. They will say "This is the APR you qualify for". **** Them one more time. Negotiate and ask them to show your credit report and the bank offer. Once you agreed on an APR and term, make sure it's a fixed APR loan and it's a 'Simple Interest" loan.
11. Now you have two agreed upon numbers: The amount to be financed and APR for whatever term in months. Go to bankrate.com or some online auto loan calculator site, and plug-in the numbers. It should tell you how much your monthly payment is going to be. It might differ from your dealers quote by 10-15c to 1or2 dollars if the first payment is defferred by 30 to 45 days.
12. Before signing the documents, make sure the vehicle price right before the tax is what you agreed too (after rebate/trade-in/cashdown). Make sure all the numbers are as you agreed.
If you are leasing, it's different calculations, but the same rules apply on determining the vehicle price/depriciation/APR (the APR is used to calculate money factor). When leasing, DO NOT, I SAY DO NOT let the dealer add taxes to the car price. You will be taxed on your monthly lease payment.
1: Get the invoice price+destination for you car with all the option (they have invoice price and MSRP even for optional equipments). Use this number as a reference. Depending on the car make and model, staying closer to invoice price generally a good deal.
2. Some dealers will say they will sell the vehicle for invoice and then make up their own invoice price. **** them. They will try to say that these internet sites (MSN Carpoint, KBB, Edmunds) don't get the prices from the right sources, again **** Them. There is only ONE MSRP and Invoice price set by manufacturer for each model year.
3. Ask the dealer to give you their best price (w/ all option you want) BEFORE any manufacturer's rebate/promo.
4. Once you agree to a negotiated price, this is how much you are going to pay for the car. You can pay it cash, finance it, use the manufacturer's rebate/promo and trade in to reduce the cost.
5. Subtract any rebate, trade-in value from the agreed car price.
6. Remember, a dealer can't charge you sales tax prior to take cash down/rebate off the price. For example, if your agreed car price is $25000 and you are trading in a vehicle worth $4000 + $2000 down, + $1000 rebate, they should subtract $7000 FIRST and then apply sales tax, not sales tax first and then apply the deductions. In this example, you could save $525 @7.5% tax if it's done the right way.
P.S. Some states allow dealers to apply tax on trade-in value.
6a. Dealer will try to tell you that you need to pay advertisement fee and Holdback. On the holdback, **** Them, DO NOT PAY. Advertisement, well some dealers might be tough to deal with, try to reduce the fee.
7. Call your DMV with your car information to find out exactly how much it'd cost the dealer to do registration/tax/title. DMV doesn't need to know your optional equipment, just the make/model/trim/year. They will give you a 'down to the cent' cost. Tell your dealer you won't pay a penny more than that since some delaers will pad the cost. Some may charge a documentataion fee - negotiate as necessary.
8. Delaer will try to add various services like extended warranty, blah blah blah.. again be smart and negotiate if you want them.
9. So, once you get the exact amount after all rebate/trade-in/cash down/tax/title/registration/dealer added services, you should ask them to give you the cost down to the penny. This is the amount you will need to finance.
10. Now if you are going to finance through the delaer (i.e., the bank), don't take their word for the APR you got. They will say "This is the APR you qualify for". **** Them one more time. Negotiate and ask them to show your credit report and the bank offer. Once you agreed on an APR and term, make sure it's a fixed APR loan and it's a 'Simple Interest" loan.
11. Now you have two agreed upon numbers: The amount to be financed and APR for whatever term in months. Go to bankrate.com or some online auto loan calculator site, and plug-in the numbers. It should tell you how much your monthly payment is going to be. It might differ from your dealers quote by 10-15c to 1or2 dollars if the first payment is defferred by 30 to 45 days.
12. Before signing the documents, make sure the vehicle price right before the tax is what you agreed too (after rebate/trade-in/cashdown). Make sure all the numbers are as you agreed.
If you are leasing, it's different calculations, but the same rules apply on determining the vehicle price/depriciation/APR (the APR is used to calculate money factor). When leasing, DO NOT, I SAY DO NOT let the dealer add taxes to the car price. You will be taxed on your monthly lease payment.
Last edited by spextar; Oct 30, 2004 at 01:21 PM.
You can always get new loan from another bank, etc. and use it to pay off the first loan that you took out from the dealer. The down side is that you will pay a slightly higher rate because now you are taking out a used car loan, not a new car loan. Therefore your new loan has to have a lot cheaper interest rate than your old one to make it worth white.
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Joined: Jun 2004
Posts: 165
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From: Portland, OR
Originally posted by RED HOT Z
hey *** im 19 3k in the hole from the spyder. Only 2k down what am i supposed to do my fico is only 589 dont have sufficient credit for 3.5% APR I said I will refinance. Did it on my own!!! PLUS I GOT A TOURING WITH THE WORKS NAVI AND ALLL!!! PLUS YOU PUT 8K DOWN I TECHNICALY PUT -1K DOWN
hey *** im 19 3k in the hole from the spyder. Only 2k down what am i supposed to do my fico is only 589 dont have sufficient credit for 3.5% APR I said I will refinance. Did it on my own!!! PLUS I GOT A TOURING WITH THE WORKS NAVI AND ALLL!!! PLUS YOU PUT 8K DOWN I TECHNICALY PUT -1K DOWN
Besides cost is always relative to the joy you derive from the vehicle.
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Joined: May 2004
Posts: 19
Likes: 0
From: mass
Originally posted by spextar
I don't understand your numbers: a monthly payment of $469 (@ 5.99 for 60mos) comes from a financed amount of $24300 (approx). Add, $4000 ($2600 + $1400) to it, it's lower than your car price of $28800 , even before tax/title/reg.. could you explain?
I don't understand your numbers: a monthly payment of $469 (@ 5.99 for 60mos) comes from a financed amount of $24300 (approx). Add, $4000 ($2600 + $1400) to it, it's lower than your car price of $28800 , even before tax/title/reg.. could you explain?
OH ACTUALLY THEY GAVE ME 1900 FOR MY TRADE IN. i REFUSED TO PAY FOR THE SIDE AND HEAD AIR BAGS, AND THEY COULDNT FIND ONE WITHOUT THEM SO AT THE LAST MOMENT WHEN THE DEALER SENSED A DEAL BREAKER HE ADDED 500 TO MY TRADE IN VALUE, FORGOT ABOUT THAT
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Joined: May 2003
Posts: 1,004
Likes: 0
From: Bakersfield, CA
12K down @ 48 months, $324 a month.
Dont get ripped by the dealer, go to your local credit union and get pre approved... Save you money even if dealer gets you "LOWER" intrest.
also read and save you *** a buttload (it saved me from about $2000 in extra fees.)
http://www.carbuyingtips.com/?x=0tek...tky3&y=0x40x62
Dont get ripped by the dealer, go to your local credit union and get pre approved... Save you money even if dealer gets you "LOWER" intrest.
also read and save you *** a buttload (it saved me from about $2000 in extra fees.)
http://www.carbuyingtips.com/?x=0tek...tky3&y=0x40x62
Last edited by the7ferret; Nov 1, 2004 at 10:06 AM.
I totally agree. Finance from an outside instituion. Skip the dealer's finance department altogether.
My wife and I have the best credit rating possible for some reason.
We did $3k down leaving a loan of $23k (80 months at 4.5%). We're paying $341/month which includes an additional extended 10-year/100k-mile full warranty.
Now insurance....OMG.
My wife and I have the best credit rating possible for some reason.
We did $3k down leaving a loan of $23k (80 months at 4.5%). We're paying $341/month which includes an additional extended 10-year/100k-mile full warranty.
Now insurance....OMG.
Last edited by ANXIOUZ; Nov 2, 2004 at 09:22 AM.
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